FINWIRES · TerminalLIVE
FINWIRES

Caihong Display Devices' Controlling Shareholder Transfers Stake in Media Company

By

Caihong Display Devices' (SHA:600707) controlling shareholder, Xianyang Financial Holding Group, said its controlling stake in a media company was transferred without consideration, according to a Shanghai bourse filing on Saturday.

The Chinese substrate glass and display panel manufacturer's shares jumped 10% at the close of Monday's trade.

The Xianyang Municipal State-owned Assets Supervision and Administration Commission completed the transfer of Xianyang Financial's 90% equity in Shaanxi Ruyi Broadcasting Technology to Xianyang Ruyi Electronic Information.

Ruyi Broadcasting will continue to own the 3.03% equity it holds in Caihong Display, which represents 108,884,454 shares. Ruyi Broadcasting's combined shareholding with Xianyang Financial is 34.04% of the company's total shares.

Related Articles

Asia

MediaTek Unit Buys $29 Million Preferred Shares in Reed Semiconductor

MediaTek (TPE:2454) unit Digimoc acquired 3.22 million preferred shares in Reed Semiconductor for about $29 million, according to a Friday Taiwan Exchange filing.Shares gained about 2% in Monday's late morning trade.The shares were purchased at an average price of about $8.99 per share, giving Digimoc an approximately 4.1% stake in Reed Semiconductor.The company made the purchase as a financial investment, it said.

TPE:2454
Asia

Fitch Upgrades CICC, Unit to A- With Stable Outlook

Fitch Ratings upgraded China International Capital Corporation's (HKG:3908, SHA:601995) long-term issuer default rating to A- from BBB+, with a stable outlook.The agency also upgraded the same rating for its wholly owned subsidiary, China International Capital Corporation (International), to A- from BBB+.The ratings agency said the upgrade reflects CICC's strengthened strategic role in supporting China's capital market reforms and financial stability, underpinned by an extremely high probability of extraordinary support from the largest shareholder, Central Huijin Investment.Fitch also cited CICC's leading investment banking franchise, expanding international footprint, improving earnings, adequate capital position, and strong liquidity as key credit strengths.The stable outlook reflects Fitch's expectation that CICC will continue to benefit from strong shareholder support while maintaining its strategic importance to China's financial system.

HKG:3908SHA:601995
Asia

Kingsmen Creatives Subsidiary Faces Winding-Up Order

Kingsmen Creatives (SGX:5MZ) subsidiary, Kingsmen Projects, received a winding-up order from the High Court of Malaya, Malaysia, according to a Friday filing with the Singapore Exchange.This comes after F&C Steel Technology initiated a winding-up petition against the indirect subsidiary, related to a sum of 218,887 ringgit, along with interest and costs, for work done.

SGX:5MZ